The term "open-source" implies that software development is carried out through publicly accessible code, allowing users to view, modify, and distribute the software freely. This fosters a collaborative environment where developers can contribute to projects, leading to innovation and rapid iteration. Open-source software promotes community-driven development, enhancing transparency and security through peer review. It often leads to cost savings for organizations, as they can leverage existing solutions or customize software without incurring licensing fees. Overall, open-source embodies a shift towards sharing and collaboration in the software industry.